|P4ADNow Launches “Debunking Big Pharma Week” To Set The Record Straight On Comprehensive Drug Pricing Reforms Now Before The Senate|
|WASHINGTON, D.C. — As Congress is on the brink of passing comprehensive drug pricing reform for the first time in two decades, Big Pharma continues to spread lies to scare patients and lawmakers in an attempt to maintain its unilateral power to dictate prices of brand-name drugs. This week, Patients For Affordable Drugs Now will debunk five of the industry’s lies about innovation, access, COVID-19 vaccines, out-of-pocket costs, and partisan priorities, and set the record straight with the truth about what the drug pricing reforms would mean for patients. As the Senate returns from recess next week, this campaign aims to arm members of Congress, press, and the public with the tools to counter Big Pharma’s lies so we can get on with the business of passing these historic provisions that will help millions of patients. |
We’ll be updating each day of the campaign here. Here’s day one:
BIG PHARMA DEBUNK DAY ONE: INNOVATION
? Big Pharma’s Lie: Drug pricing reforms will stifle innovation.
✅ The Truth: We can maintain the innovation we need at prices we can afford.
The comprehensive drug pricing reforms before the Senate will bring an end to the pharmaceutical industry’s unilateral power to set and raise prices at will, while maintaining the valuable drug innovation we need. As Big Pharma’s profits have continued to soar, the industry is falsely claiming that these reforms would grind research and development of new drugs to a halt. In reality, the legislative package passed by the House of Representatives would only decrease the number of new drugs over the next 30 years by 10 out of 1,300 expected new drugs – that’s less than 1 percent. Further, only 10 to 15 percent of new drugs are truly innovative in the first place. Any biopharmaceutical industry revenue lost from the proposed drug price reforms would only be a drop in the bucket for an industry with profits that are almost three times the average of the S&P 500.
The truth is, the drug pricing package continues to incentivize the industry to find new, innovative drugs in the same way we do now by allowing drug companies to set launch prices and giving new drugs nine to 13 years before becoming eligible for Medicare negotiation. The provisions protect special incentives to develop rare disease treatments and continue to reward pharmaceutical innovation.
Don Kreis’ daughter, Rose, lives with a type of cystic fibrosis for which the current breakthrough medications don’t work. Rose is still waiting for her miracle drug, but Don fears when it comes to market, Big Pharma will price it out of reach. “When a new drug comes to market, will she be able to even consider taking it? No one cares more about innovation than us — but these drugs are worthless if Rose can’t afford them,” he writes.
Kris Garcia, who lives with four bleeding disorders, asthma, and several allergies, explained in a recent op-ed in The Colorado Sun that, “We do not have to choose between innovation and lower drug prices. We can and will have both once the Senate passes these reforms through reconciliation.” Each vial of his medication, Humate-P, is priced at $10,000, and for each infusion, he needs four vials. “For me, these reforms would help bring predictability and consistency to my drug prices.”